CapitaLand to buy real estate units from Temasek for $4.4 billion

A man passes a Capitaland logo outside an office building in the central business district in Singapore Thomson Reuters SINGAPORE (Reuters) - CapitaLand Ltd said it entered into a deal with Singapore state investor Temasek [TEM.UL] to buy two wholly owned units from a subsidiary for a consideration of about S$6 billion ($4.4 billion) in a cash and stock deal.

The target companies are the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust , Ascendas India Trust and Ascendas Hospitality Trust .

Under the agreement, Temasek will effectively receive S$6.0 billion, which will be satisfied half in cash and half in new CapitaLand shares, which will be priced at S$3.50 a piece.